May 9, 2021

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US initial public offerings: Chinese Ximalaya file, Qiniu file for US IPOs

Backed by Chinese company Tencent Holdings, Ximalaya filed for an initial public offering (IPO) in the United States on Friday, capitalizing on growing demand as more people join podcasts while staying home during the pandemic.

Qiniu, a Chinese company that provides cloud-based services and is supported by the Alibaba Group, has also filed papers on an initial public offering in the United States.

The largest online audio platform in China, Ximalaya averaged 250 million users per month in Q1 2021, according to a regulatory filing.

Ximalaya, which provides a platform for users to access free or paid content from professional or amateur service providers, was valued at $ 3.71 billion as of July 2018, according to PitchBook. It has raised $ 225 million in money from investors including General Atlantic and Tencent.

Founded in 2012, Ximalaya has increased revenue of more than 48% from the previous year to around 4 billion yuan ($ 617.95 million) in 2020.

Goldman Sachs, Morgan Stanley, Bank of America Securities and CICC are the insurance agents of the Ximalaya offerings. Qiniu and Ximalaya did not disclose any further details about the listing plans on Friday.